Ormat Technologies (NYSE:ORA) Hits New 12-Month High - What's Next?

Key Points

• Ormat Technologies shares hit a new 52-week high, trading as high as $138.88, after recently closing at $133.46.
• Recent analyst actions were mixed but generally constructive: Piper Sandler raised its price target to $142 and kept an overweight rating, while the broader consensus remains Moderate Buy with an average target of $133.18.
• The company beat Q1 earnings expectations, reporting $1.30 EPS on revenue of $403.91 million, and it also announced a quarterly dividend of $0.12 per share payable June 3.

Ormat Technologies, Inc. (NYSE:ORA - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $138.88 and last traded at $138.40, with a volume of 348214 shares. The stock had previously closed at $133.46.

Analysts Set New Price Targets

ORA has been the subject of several research reports. Jefferies Financial Group downgraded Ormat Technologies from a "buy" rating to a "hold" rating and lifted their price target for the stock from $125.00 to $130.00 in a research note on Friday, February 13th. Barclays lifted their price target on Ormat Technologies from $123.00 to $126.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Piper Sandler lifted their price target on Ormat Technologies from $125.00 to $142.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ormat Technologies in a research note on Tuesday, April 21st. Finally, Royal Bank Of Canada assumed coverage on Ormat Technologies in a research note on Tuesday, March 3rd. They set an "outperform" rating and a $130.00 price target for the company. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $133.18.

Ormat Technologies Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 1.02. The company has a 50-day moving average price of $116.44 and a 200-day moving average price of $115.48. The firm has a market capitalization of $8.55 billion, a PE ratio of 67.55, a P/E/G ratio of 5.69 and a beta of 0.80.

Ormat Technologies (NYSE:ORA - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The energy company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.38. Ormat Technologies had a return on equity of 6.61% and a net margin of 10.97%.The business had revenue of $403.91 million for the quarter, compared to the consensus estimate of $349.17 million. During the same period in the prior year, the business earned $0.68 earnings per share. The business's revenue was up 75.8% on a year-over-year basis. Sell-side analysts forecast that Ormat Technologies, Inc. will post 2.35 EPS for the current year.

Ormat Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 20th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.3%. The ex-dividend date is Wednesday, May 20th. Ormat Technologies's dividend payout ratio is presently 23.30%.

Insider Transactions at Ormat Technologies

In related news, insider Jessica Woelfel sold 2,359 shares of the company's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $105.16, for a total value of $248,072.44. Following the completion of the transaction, the insider directly owned 3,433 shares in the company, valued at approximately $361,014.28. This represents a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Granot sold 1,766 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $134.43, for a total value of $237,403.38. Following the completion of the transaction, the director owned 1,766 shares of the company's stock, valued at $237,403.38. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 33,699 shares of company stock valued at $4,410,013. Corporate insiders own 0.56% of the company's stock.

Hedge Funds Weigh In On Ormat Technologies

Several institutional investors have recently added to or reduced their stakes in the business. AGF Management Ltd. acquired a new stake in Ormat Technologies during the third quarter worth about $9,527,000. Retirement Systems of Alabama increased its stake in Ormat Technologies by 169.7% during the third quarter. Retirement Systems of Alabama now owns 189,988 shares of the energy company's stock worth $18,286,000 after acquiring an additional 119,552 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in Ormat Technologies by 155.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 886,526 shares of the energy company's stock worth $97,935,000 after acquiring an additional 540,000 shares during the last quarter. Jennison Associates LLC increased its stake in Ormat Technologies by 51.7% during the fourth quarter. Jennison Associates LLC now owns 90,753 shares of the energy company's stock worth $10,025,000 after acquiring an additional 30,910 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Ormat Technologies by 259.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,830 shares of the energy company's stock worth $7,935,000 after acquiring an additional 51,830 shares during the last quarter. 95.49% of the stock is currently owned by institutional investors and hedge funds.

About Ormat Technologies

Ormat Technologies, Inc is a leading renewable energy company specializing in geothermal and recovered energy power plants. Through its vertically integrated business model, Ormat designs, develops, engineers, constructs, owns and operates clean energy projects worldwide. The company's core technology centers on the Organic Rankine Cycle (ORC), which converts heat from geothermal sources or industrial waste streams into sustainable electricity without combustion.

Ormat's offering includes turnkey power plant solutions, proprietary ORC equipment and ongoing operations and maintenance services.

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